{"id":362525,"date":"2013-01-28T16:34:14","date_gmt":"2013-01-28T21:34:14","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/dictionary\/definition\/lease.html"},"modified":"2013-01-28T16:34:14","modified_gmt":"2013-01-28T21:34:14","slug":"lease","status":"publish","type":"dictionary","link":"https:\/\/dictionary.findlaw.com\/definition\/lease.html","title":{"rendered":"Lease"},"content":{"rendered":"\n
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term:<\/p>\n

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n<\/p><\/dt>\n

[Anglo-French les<\/i>, from lesser<\/i> to grant by lease, from Old French laisser<\/i> to let go, from Latin laxare<\/i> to loosen, from laxus<\/i> slack]
1 a<\/b> :<\/b> a contract by which an owner of property conveys exclusive possession, control, use, or enjoyment of it for a specified rent and a specified term after which the property reverts to the owner
;also<\/i>
:<\/b> the act of such conveyance or the term for which it is made see also sublease<\/a> compare easement<\/a>, license<\/a> security interest<\/i> at interest<\/a>, tenancy<\/a> NOTE: Article 2A of the Uniform Commercial Code, which governs leases where adopted, defines lease<\/i> as “a transfer of the right to possession and use of goods for a term in return for consideration.” <\/i> <\/p>\n

build·ing lease<\/b>
:<\/b> ground lease <\/a> in this entry <\/p>\n

consumer lease<\/b>
:<\/b> a lease made by a lessor regularly engaged in the selling or leasing of a product to a lessee who is leasing the product primarily for his or her personal or household use <\/p>\n

finance lease<\/b>
:<\/b> a lease in which the lessor acquires goods from a supplier in accordance with the specifications of the lessee NOTE: Under section 2A-103 of the Uniform Commercial Code, before the lessor signs the lease or the lease becomes effective, the lessee must receive or approve of a copy of the contract by which the goods were acquired or must receive a statement of terms (as warranties, disclaimers, and liquidated damages) relating to the contract or notification of where such information can be obtained. <\/i> <\/p>\n

ground lease<\/b>
:<\/b> a lease of land usually for a long term in consideration of the payment of rent and with the agreement that the lessee build or improve a structure on the land called also building lease<\/i> <\/p>\n

mineral lease<\/b>
:<\/b> a lease granting the right to work a mine and extract the minerals or other valuable deposits from it under prescribed conditions (as of time, price, or royalties) called also mining lease<\/i> <\/p>\n

net lease<\/b>
:<\/b> a lease requiring the lessee to assume all operation expenses (as for maintenance, insurance, and taxes) in addition to the payment of rent <\/p>\n

operating lease<\/b>
:<\/b> a lease of property and esp. equipment for a term which is shorter than the property’s useful life and in which the lessor is responsible for certain expenses (as taxes) <\/p>\n

per·pet·u·al lease<\/b>
[pər-pe-ch-wəl-]
:<\/b> a lease renewable forever at the lessee’s option <\/p>\n

proprietary lease<\/b>
:<\/b> a lease used to convey to a member of a cooperative the exclusive possession of a residential unit <\/p>\n

true lease<\/b>
:<\/b> a lease that resembles a security agreement but retains the attributes of a lease
b<\/b> :<\/b> property and esp. real property that is leased
2<\/b> in the civil law of Louisiana<\/i>
:<\/b> a contract by which a person provides labor or services for a price <\/p>\n<\/dd>\n<\/dl>\n

Source: Merriam-Webster’s Dictionary of Law \u00a91996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.<\/div>\n<\/div>\n
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Related Terms from the Property Rights and Real Estate Law Glossary<\/h2>\n\t\n\t
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